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6/20/19
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Lennar Homes has acquired a 4.9-acre redevelopment property in Arcadia with plans to construct a mixed-use project that will contain 80 residential units. The property, located at 17 Las Tunas Drive, had previously housed a 58k sf retail center.
The land was sold by The Olson Company, one of the largest private infill developers in Southern California, who delivered to Lennar a fully graded property, with an approved tentative tract map, improvement plans and architectural construction drawings for $36.6 mil.
Lennar plans to build a gated community with the main entrance at the northwest corner of Las Tunas Drive/Live Oak Ave, off Santa Anita Ave. The community will offer 12 two-story detached condominiums, 44 three-story attached townhomes, 21 two-story attached townhomes and three three-story live/work attached townhomes. Pricing will be in the high $800,000s and $900,000s for attached units and low millions for single-family detached homes. The site plan also includes a retail component to provide a local retail amenity for the community and area residents.
Residents will have access to an enhanced open space with a shade structure, seating, an open lawn, barbecue counter and fireplace. It is located less than three miles from the Arcadia Metro Gold Line station, which links to downtown Los Angeles and Pasadena, and provides access to some of the best schools in the greater Los Angeles area.
The retail building that had been on the site was demolished by Olson prior to delivery. That structure had been roughly one-third occupied by Adult Day Care, MP Sound, A&J Restaurant, Wash Land, Palace Cleaner, and Little Stanford Academy. Previous tenants included O’Reilly Auto Parts and Goodwill.
The sale was brokered by Justin Esayian with The Hoffman Company, who represented both parties in the deal.
“This transaction represents a rare opportunity to achieve early 2020 deliveries in a highly desirable infill location in the supply-constrained San Gabriel Valley, where listing prices have increased 14 percent year over year,” noted Esayian.
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